DoubleDragon profit up 526% in H1 ’14

MANILA, Aug. 4 (PNA) — Publicly-listed firm DoubleDragon Propeties Corporation has surged its net income by 526 percent in first half of this year from last year’s same period.

In a disclosure to the Philippine Stock Exchange (PSE) Monday, DoubleDragon said its profit in the first six months of 2014 reached Php84.3 million from last year’s Php13.4 million of same period.

Majority of the profit entered during the second quarter amounted to Php63.1 million.

“Significant increase in consolidated revenues is driven by strong sales take-up of its existing business and new investments and developments,” the company explained.

DoubleDragon said it remains on track to achieve its profit target for this year of Php525 million as it expects bulk of its income to come in during the second half of the year through its existing businesses as well as new investments and developments.

“We expect continued growth in the Philippine property sector, most notably in the commercial retail and office segments,” said DoubleDragon chair and CEO Edgar “Injap” Sia II.

The listed firm eyes Php1 billion worth of revenue in 2016 and Php4.8 billion in 2020.

It also targets to open 100 CityMall community malls by 2020 with five malls set to be completed this year.

DoubleDragon is in partnership with SM Investments Corporation (SMIC) in developing CityMall. (PNA)